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In South Carolina one of the most frequently misunderstood policy provisions of an insurance policy is the wind and hail deductible. A deductible is the amount of out of pocket expense for which you are responsible before the insurance coverage begins. Failing to be educated on the wind deductible could leave you unprepared for the huge out of pocket costs that could come with it. There are five items you need to know to help you prepare for wind losses to your property:

Most Homeowners insurance policies include a “$1000 All-Other-Perils (AOP) Deductible.” This deductible applies to all covered losses except where special deductibles—such as Hurricane, Named-Storm, or Windstorm Deductibles–apply.

Hurricane, Named-Storm or Windstorm Deductibles can be either a dollar amount or a percentage of the coverage amount and can be increased to reduce your premium. However, you need to consider carefully how much out of pocket expense you are willing to retain. For example, if you have a 2% Hurricane Deductible and your house is insured for $300,000, your out of pocket expense would be $6,000 (2% of $300,000) for any damage caused by a hurricane.

A “wind and hail deductible” is not the same thing as a “named storm deductible.”  A wind deductible applies to all covered losses resulting from wind and hail while a named storm deductible applies only to named storm related losses.  In other words, a loss resulting from a bad thunderstorm that hits Mt. Pleasant, SC is subject to the same wind deductible as the one used when a hurricane rolls through.  In contrast, a “named storm deductible” won’t be used for the thunderstorm; the insurer will apply the all other perils deductible(AOP) instead.  However, the named storm deductible will be applied on the hurricane.

Just like the all other perils deductible (AOP), the wind and hail deductibles and hurricane deductibles apply per loss.

You need to be prepared for a wind loss as it could mean the outlay of serious money to make repairs.  Talk with us, understand the real dollars at stake, and together we can come up with a plan for dealing with the wind and hail property loss before it happens.

Wind and Hail Deductibles vs. Named Storm Deductibles

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